{"id":14157,"date":"2024-10-08T11:24:13","date_gmt":"2024-10-08T11:24:13","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=14157"},"modified":"2024-10-08T11:24:13","modified_gmt":"2024-10-08T11:24:13","slug":"rhode-island-gaming-market-shrinking-because-of-competitor-states","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/rhode-island-gaming-market-shrinking-because-of-competitor-states\/","title":{"rendered":"Rhode Island Gaming Market Shrinking Because of Competitor States"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.legitgambling.com\/news\/wp-content\/uploads\/2018\/04\/rhode-island.jpg\" alt=\"Rhode Island\" title=\"Rhode Island Gaming Market Shrinking Because of Competitor States\" width=\"300\" class=\"alignleft size-full wp-image-6527\" \/><strong>Summary:<\/strong><\/p>\n<ul>\n<li>Massachusetts recorded its second-highest net profit in September.<\/li>\n<li>The result caused Rhode Island\u2019s Lottery transfer to the General Fund to drop 1.8% compared to 2023 while table games revenue fell 4.1% over the last fiscal year. <\/li>\n<li>Rhode Island\u2019s video lottery sales also dropped 1.8%, causing the market to shrink almost 24.2%.<\/li>\n<\/ul>\n<p>A <a href=\"http:\/\/www.oag.ri.gov\/reports\/LotteryRI2024.pdf\">recent report<\/a> from the Rhode Island Office of the Auditor General has revealed that the <strong>Rhode Island Lottery transferred $426.4 million to the General Fund<\/strong> for the fiscal year ending June 30, 2024. <\/p>\n<p>This figure reflected a decrease of $8.2 million, or 1.8%, compared to fiscal year 2023. <\/p>\n<p>The report, released just days after Massachusetts announced a record net profit for its state lottery, attributed the decline to increased competition from neighboring states Connecticut and Massachusetts. <\/p>\n<h2>\u201cThe Rhode Island Market Has Gotten Smaller\u201d <\/h2>\n<p><strong>Patrick Kelly<\/strong>, a professor of accountancy at Providence College who studies gambling, stated in an interview. <\/p>\n<blockquote><p>In the overall scheme of things, that\u2019s not a large percentage. But long term, it shows that the Rhode Island market has gotten smaller<\/p><\/blockquote>\n<p>This contraction is particularly evident in the <a href=\"https:\/\/www.legitgambling.com\/us\/states\/rhode-island\">Rhode Island<\/a>&#8216;s sportsbook, which generated $458.8 million in total revenue for fiscal 2024, down from $509.5 million in the previous year. <\/p>\n<p>Of the total for fiscal year 2024, only $19.2 million reached the general fund.<\/p>\n<p>The rise in competition from Massachusetts and Connecticut was anticipated after Rhode Island became the <a href=\"https:\/\/www.legitgambling.com\/news\/rhode-island-becomes-third-state-to-legalize-sports-betting\/\">first New England state to legalize sports wagering in 2018<\/a>. <\/p>\n<p>Kelly noted, <\/p>\n<blockquote><p>If you\u2019re the first to market, you\u2019re going to benefit for a while until the other states decide if they\u2019re going to match you. Everybody is trying to gain an advantage and get tax revenue.<\/p><\/blockquote>\n<p>Connecticut, which legalized sports betting in 2021, reported $177.2 million in gross revenue last year, while Massachusetts, which launched online sports betting in March 2023, generated $506.7 million from September 2022 through June 30, 2024.<\/p>\n<blockquote><p>With increased competition, Rhode Island will be challenged to maintain this important revenue source<\/p><\/blockquote>\n<p>Kelly cautioned, adding that once a market is matched by a competitor one, more of the revenue will come out of the pockets of the affected market\u2019s residents.<\/p>\n<p>In response, state leaders passed legislation in 2023 allowing bets on Rhode Island&#8217;s collegiate teams in certain tournaments. Senate President <strong>Dominick Ruggerio<\/strong>, who has been active in expanding the sportsbook, remarked that he will <\/p>\n<blockquote><p>continue to work collaboratively to position Rhode Island as strongly as possible in the highly competitive gaming market<\/p><\/blockquote>\n<h2>The Impact of Sports Performance, Economy, and Traffic Issues<\/h2>\n<p>Another factor contributing to the decline in sportsbook revenue may be the performance of professional New England sports teams like the Red Sox and Patriots. <\/p>\n<blockquote><p>During the Tom Brady era, the Pats were doing well and people were betting on football in the region<\/p><\/blockquote>\n<p>Kelly explained.<\/p>\n<p>As for physical gaming, the Auditor General&#8217;s report noted a decline in revenue from table games (down 4.1%) and video lottery sales (down 1.8%). <\/p>\n<p><strong>Director Marc Furcolo<\/strong> cited a combination of economic factors and \u201c<em>issues with traffic<\/em>\u201d affecting slot machine revenue.<\/p>\n<p>In response to the revenue challenges, officials at Bally\u2019s Corp. attributed a monthly loss of $500,000 at its Lincoln casino to decreased traffic from the ongoing closure of the westbound Washington Bridge. <\/p>\n<p>To attract patrons, state leaders doubled the maximum line of credit that Bally\u2019s can offer customers, raising it from $50,000 to $100,000.<\/p>\n<p>Furcolo noted that the introduction of online gambling also impacted revenue, stating,<\/p>\n<blockquote><p>It\u2019s too soon to tell whether iGaming is a significant component of the recent VLT performance.<\/p><\/blockquote>\n<p>Since launching in March, iGaming has generated a net profit of $3.6 million for Rhode Island\u2019s general fund.<\/p>\n<p>Kelly predicts that iGaming will continue to take a larger share of revenue from physical casinos as it gains traction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary: Massachusetts recorded its second-highest net profit in September. The result caused Rhode Island\u2019s Lottery transfer to the General Fund to drop 1.8% compared to 2023 while table games revenue fell 4.1% over the last fiscal year. Rhode Island\u2019s video lottery sales also dropped 1.8%, causing the market to shrink almost 24.2%. A recent report [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,6,3,8,1],"tags":[],"class_list":["post-14157","post","type-post","status-publish","format-standard","hentry","category-casino","category-finance","category-poker","category-sports","category-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rhode Island Gaming Market Shrinking Because of Competitor States<\/title>\n<meta name=\"description\" content=\"The competitive sports betting industries in Massachusetts and Connecticut have triggered losses for Rhode Island...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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